T. F. C. Frost Cbaritable Trust Aeeounts for the year ended 51b April 2023
T. F. C. Frost Charltable Trust Aecounts for the year ended 51* April 2023 INDEX Page Funding Principles of the Trnst Trustees and Professional Advisors ReEK)rt of the Tn¢8 IndeEKndent Examintt's Report Statement of Financial Activities Balance Sheet Notes to the A¢couDts Ac¢ountin8 Policies Donations Donation comtnitments against future income Appendices Investments & Net Income (incl:Portfolio Valuation) Sale of Investments
T. F. C. Frost Charitable Trust Funding Prineipks of tbe Tt Our Founder's wish in establishing the Fn>st Charitable Trust was lo foster research into the pr¢v¢ntion of blindn¢ss by sup]K)rting progreS submitted by senior trainees and by enhancing their hoTiZODS by underwriting the costs of ¢ducationai or research periods of training at home or abroad at recognised ¢entr¢s. He was not in favour of the Trust's financing of the Health Service by underwriting staff salaries which he regarded as the resw)nsibility of the Ikp8rtment of Health.
T. F. C. Frost Cba17tabk Tr4 Trust Deed dated 23rd September 1966 Registered Charity 256590 Trustees Thomas A. F. Frost F. C. A. (Chwrperson) Micbael H. Miller. M.D., F.IIC. S (Gl&sgl, FRCOphth Professor John Marshall, Bsclhons). PhD, F. IL C. Path. F.L.l.A, F.R.S.A Dr ElizaFth Graham Keith Barton MD FRCP FRCS Anthony Khawaja MA (Cantab), MPhil. FRCOphth HaTry Petiithkin MA (Cantab). PhD, FRCOphth Bankers Natwest Bank ple Southampton Customer Service Centre BnuWick Gate 23 Brunswick Place Southamoon S015 2AQ Reporting Atcountants Holmes & Co Ltd 10 Tolgn Road Claygate, Esher. Surrey KTI O OSA Stockbrokers can0Ve Capital l London Wall Place London EC2Y SAU Soliefitors Clwles Russell Speechjys 5 Fleet Place London EC4M 7RD
T. F. C. Frnst Cknitable Trust Report of the Trustees for the year ended 5th April 2023 A meeting of the Trustees t(K)k place on the 30th November 2022. Half-yearly rqM)rts werc received from the rffipients and were ¢ir¢ulated prior to the meeting together with fimding applications Nvhich. following interviews, were dtscussed at the meetings by the Tntees. Future donation commitments and estimated future income were also presented 2nd reviewe(L All funding was distiibuted via a Hospital or University. Thomas A. F. Frost Michael H. Miller Dr ElizaE¢th G Professor John Marshall Anthon waj arry PetrIn Date: 29th November 2023
T. F. C. Frost Charit*bl¢ Trust IDdependeDt Examiner's Report to the Trustees of the T. F. C. Frost Charitable Tnt I report on the accounts of Th¢ TnLSt for the year ended 5th April 2023. which are set out on pages 5 to 9. Respective respon¥lbilithe8 of TTh8teeg and Examiner The chatity's trLLStees are respK)nsible for the prepardtion of the accounts. The charity's IsleeS consider that an audit is not Tequired for this year under section 144(2) of the Charities 2011 (th¢ 2011 Act) and that an independent examination is needed. It is my responsibility to: examine the acnts under section 145 of the 2011 Act to follow the procedures laid down in the general Directions giv¢n by the Charity Commission under section 145(5Mb) of the 2011 Act: and to stste whether particular matters have come to my attention. Bajb of Independent Eiamlner's Report My examination was carried out in accordan<x with the genml Directions given by the Charity Commission. An ex8mination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those r¢¢ords. It a]so includes consideration of any unusual items or disclosures in the accounts and seeking explanatioLs from you as tnleeS ¢onc¢rning any such matters. The procedures undertaken do not provid¢ aIl the evidence that would be required in an audit, and consequently no opinion is given as to wh¢ther the accounts present a 'true and fair view, and the rep)rt is limiied to those matters set out in the statement below. Independent Examiner's Statement In connection with my examinatio no matter has come to my attention: which gives me re&8onabJe cause to believe that in any material respect the requirements.. - to keep accounting records in accordance with section 130 of the 2011 Actand . to prepare accounts which wrd with the accounting records and to comply with th¢ accounting requirements of the 2011 Act. have not been met" or 2. to whi¢l4 in my opinion. attention should k drawn in order to enabl¢ a proper understanding of the accounts to b¢ teache(L Holmes & Co Ltd Chartered AOUntants Clay8ate Date: 29th Novemkr 2023
TJ.CJr05t Charitabk Trnst Ststement of Finaneial Activities For the Year Ended 5th April 2023 2023 2022 Incoming RurceS Net Dividends Exchange rate (lossesygains Broker & BatTrk tnterest Foreign and income tax paid 94J12 26.424 1.711 58,985 964,184 Total Incoming Ruour 121447 1,023.169 Re8ourca Eiptnded Grnnts & Donations Profcsslonal Fe¢s Holmes & Co Ltd C F Ruffer Cazenove Bank charges Total Resourees Eipended 82,567 47.490 5287 5,287 17,903 12,113 io 17.430 105291 82,804 Net fn¢omingl(Ou¢golll&) Rewnrw for the Year 17,156 940,365 Net Movement in value of investments Realised (lossesygains UrweaIis (lossesygaiDS 3.569 (129,225) 578,772 (1.295,018) Net Mov¢ment In Fund8 (108,5(Xi) 224,119 Fund balaDeeJ brought forward at 6th Aprll Capital Account In¢ome CoUnt Meetings 3.381,081 667.928 4,097,322 (272,432) 606 Fund Balances carried forward at 5th Aprll Capital Account Income account Meetin89 4.049.615 3,825,496 3255,425 685.084 606 3,381.08l 667.928 606 3.941,115 4,049.615
T.F.C.Frwt Ch•ritsble Trn8t Bal#Dce at 5th April 2023 023 Investswmts at Mtht Value 3,896.419 4.004,912 Currtnt Assets 4J06 40JgY) Cash at Brokus. Investment 4,169 40.534 44.703 Nt Asjtts 3941.115 4.049,615 FMDdi Capitsl Income {incl Des1pted Futsl8- not¢ 2) Meetings 3255.425 685,084 3.381,081 667,928 606 3.941,115 IM9.615 The noles on p88es 7 to 9 forni r*rt of th&ge a¢counts Thomas A.F.Frosi Chaimian Mich1 H.Miller liyabeth Profwor John Marsh811 iih Barton waja Date: 29th Novemtw 2023
T. F. C. Prt ChAritable Trust Notes to the Accounts Ae¢ounting Polities The aUnts have been prepared in aLwnlance with applicable acmunting standards and the Ststement of Recommended Practice: Acting by Charities. The legal requirements are ¢ontained in Part Vl of the Charitie5 Act 1993 (as am¢nded), The Charities (Accounts & Reports) Regulations 1995 and the Charities (Annual Return) Regulations 1997 issued by the Charity Commissioners. and the Sraternent of Recomm¢nded Prnctice.. Accounting 8nd Reporting by Charitie& and the Companies Act 2006. There are restricted funds of £20,0 designaled for Glaucoma prOjts. Unrestri¢tcd funds are expendable at the discretion of thc Trustees in furtheranLX of the objects of The Trust, 3 A cathflow statemcni h&s not bcen prepaThl in accordance with Financial Reporting atement l as l)oth The Tn1 Income and The Trust Assets fall outside the minimum size qualifications. There are no employees. The Trust does not trade, but its income is dcrived from the dividends and profits of its portfolio of sharc4 and interest on uninvcsted cash.
T.F.C.Frost Charitable Trnst Notes to the Account8 Don*tions 2023 Stamford UDiverslty OSR 60.077 Slght Research UK 22.490 82.567
TJ.C.Frost Charit*bl¢ Tnt Notes to the Aecounts Donatsjn Commitments from 6th April 2023 2024 Tot81 Sight Research UK 22,490 22.490 22.490 22,490
T. F. C. Frost Charitable Trn8t Appendix I Investments & Nct Incorne (incl: Portfolio Valuation)
T.F.C.Frost Cbaritsble Trust Notu to th¢ Atcounts Investments & Net Ineome Market Value Holdin Net Income Cost 1.610 31 Group 1.885 Antofwsta 704 Astrdz¢neca 828 Ball Corp 35,679 BBGI Global Infrthcture SA 528 Brevan Howard Absolute Return British Amcrican Tobacco 87,050 Charities Property Fund 1.475 Cisco Systems Inc 13.560 CK lnfrastntu[c Holdings Ltd 1.967 CRFI PIC 3,7 DBS Group Holdings Ltd 260 Eli Lilly Co 557 Em¢rson Electric Co 240 Este¢ Lauder Co In¢ 37.281 HICL Infrastructure Reg 214 Home Depot HSBC FTSE All-world lodcx Fund 338 Illinois Tool Works In 38.000 Internaiional Public Par¢nership 5.405 Ishares Physical Gold 4,633 Ishares Index Linked Gilts 28,137 Ishares USD TreLsury bond 21hyr Johnson & Johnson 2,386 Johnson Matthey 14.890 LegAI & Gen8rAI Group 8.763 L&G multi strat¢&v enhaoced commodities 115 LVMH Moet Hennessy 1,660 Lyxor Cor¢US TIPS 525 Marsh & McLennan Cos Inc 424 McDonalds Corp 162 Meta Platfonn Inc 127.555 M&G Emergin8 Markets Bond £ 379 Microsoft Corp 18,733 26.723 59.018 49.149 63J98 57.382 27.129 29.802 79,073 36,897 53,875 60,019 374 1.937 1,684 467 2,642 652 114.000 56.017 59,667 75.100 58.800 43.621 38.817 53.544 63.075 48.089 109.822 62,348 59,640 80.369 74.259 72,200 39.247 47,829 57.786 51.068 1,568 3,519 1.458 3,121 809 425 3.844 1.166 1.954 1,199 2.903 54,330 63,721 138,160 92,IX12 116,854 66,537 55,024 168,312 67.049 103,129 2,985 1,745 46,834 41,993 96,757 66.837 19YI.202 57,010 72,389 39,905 117.229 72.633 47.326 35,572 94,912 85,371 173,014 70,703 95,864 27.763 99.582 8&353 2,780 873 1,129 800 1,723 5,229 694
T.C.Fr0St Charitable Trust Notes to the Accounts Investments & Net Income (eont'd) Market Value Net Income Holdin 4,558 Mowi ASA 478 Nestle SA 284 Norfolk Southern 884 Novartis AG 694 Novo-Nordisk AS 45 Nvidia Corp 2.221 Pearson 628 Philip Moryis Intl 356 Procter and Gambl¢ 64,780 Propffj kn¢ome Tntst 479 Qualcom 705 Re¢kitt Ben¢kiser Group 1,039 Rio Tinto Royal Philips 60 Samsung Electronics Co Lid 438 Sohneider Electric SE 572 ssata TKh Holdings PIC 1.240 Schroder SSF Alt Asscts Schroder Strategic Credit Fund I,Ol8 Taiwan S¢micon Mfg Co Ltd 75,000 UK Govt 4.25Y• 7Jun32 137 United Health Group Inc 3.405 Vanguard Global CO bond 13,730 Wisdom Tr¢e hedg¢d MS long gold Forward contracts 76.744 44.451 54J74 59.781 41,096 24,982 18.616 53,306 37,619 57.lJ)O 48.177 44.184 62.832 68232 47,186 48,684 65.578 88.924 40.429 18,754 49.384 42,802 51,371 49,414 43,414 56,916 1.246 714 1.012 927 839 21 462 1.935 911 7.327 1,010 1.231 5.963 822 ,062 803 206 5,247 11,778 1,141 78,054 50, 24,070 133,139 59.602 59.177 23.135 119,958 83,884 80,341 39,448 344,553 134,711 76,570 79.958 52.353 344.758 143,616 7.005 39,325 3096,419 635 426 61 3,744351 94J12 2.4% Return on mark& value
T. F. C. Frost Charitable Trust Appendlx 2 Sales of Investhients
T.F.C.Fro8t Charitable Trnst Iyotes to the Accounts Sales of Investments 2023 Profits 1.198 British American Tobacco 354 CIF landseer EU equity 88 Eli Lilly 109,2(X) HSBC FfsE All World 546 Johnson & Johnson 584 NovfrNordisk-B 8,629 1,470 11,002 9,793 5,388 24.626 60,908 Losses 101,O(X) 0.5 IBRD 24Ju123 561 1.um)ma Sanbar GEMU-X2 1,335 Royal Philips 18,716 Shroder Strategic (1,303) (4,769) (22,174) (29.093) (57,339) Net Profit (Losj) on SAles of Invejtments 3J69